ࡱ> jlghi%` 0!Wbjbj"x"x 0@@!ORDHHHH|zI{bKxKxKxKxKSLBLL$ghϼ@ ^SLSL^^ xKxK5jjj^xKxKfj^jj*{xKVK @ggHb\RK0{nhfdLR2jV\/ZLLL jhPLLL{^^^^1HdH0DR  38 Wildwood Road London NW11 6UY Phone: 020 8209 1924 Work: 020 7000 8261 Email:  HYPERLINK "mailto:jfranks@london.edu" jfranks@london.edu Julian R Franks Personal InformationNationality: English Marital status: Married with four children EducationB.A. Econ. Triple Honours Degree Sheffield University, 1965-68 MBA Columbia University Graduate School of Business, 1968-69 PhD. London University, 1979Present Academic PositionProfessor of Finance at the London Business School and Academic Director of the Centre for Corporate Governance and lead investigator for a 1.4 million pounds grant for corporate governance. Past Academic PositionsMember of faculty at London Business School since 1972 Visiting Professor at UCLA 1995-6, 1993-4, 1986-7 Visiting Scholar at UCLA for Summer of 1990 and 1991 Visiting Associate Professor at Berkeley, California 1982  Awards Winner of the best working paper competition sponsored by the ECGI for the paper entitled Ownership, Evolution and Regulation, joint with Colin Mayer and Stefano Rossi. Winner of the Clinical Paper Competition sponsored by the Journal of Financial Economics and the ECGI for the paper entitled Ownership, Evolution and Regulation, joint with Colin Mayer and Stefano Rossi. Winner of Best Paper Prize (2006) awarded by the Journal of Financial Intermediation, for the paper entitled , Financial Innovations and Corporate Insolvency, 2005, joint with Oren Sussman. Winner of Best Paper Prize (2001) awarded by the Journal of Financial Intermediation, for the paper entitled Who disciplines management of poorly performing companies, 2001, joint with Colin Mayer and Luc Renneboog. Nominated for the Best Research Paper Prize in 2005 by the Review of Finance (top 3 nominations) for their paper Financial distress and bank restructuring of small to medium size UK companies, joint with Oren Sussman. Award for "Best Teacher", Senior Executive Program, 1989. Consultancy Past advisor to Ofcom (previously Oftel). Advisor to Scottish Water Authority, member of an appeals panel for the New Zealand Commerce Commission. Various work completed, for example, for Department of Constitutional Affairs, HM Treasury, DTI, Monopolies and Mergers Commission, National Audit Office, Office of Fair Trading, European Asset Management Association and Gas Utility companies. Expert witness for HMG at The Hague on an inter-governmental dispute. Expert witness for Ofcom at an appeal to the CAT, Member of international advisory board for Stern Stewart and non-executive director of OXERA. Professional Activities Past board member of European Institute in Brussels, past member for the selection committee for the Western Finance Association Meetings, American Finance Association, European Finance Association, and member of nominating committee for American Finance Association, 1998. Currently or previously Associate Editor of Journal of Banking and Finance, The Journal of Financial Services Research, Financial Management, Journal of Empirical Finance, Financial Review, Journal of Corporate Finance and European Journal of Financial Management. Occasional reviewer for the Journal of Finance, Journal of Financial Economics, Review of Economic Studies, Journal of Law and Economics, Journal of Financial Quantitative Analysis, Economic Journal, Review of Financial Studies, Journal of Economic Perspectives, Journal of Economic History, and Journal of Business. External Positions Past Member of a joint DTI-Treasury working party on reviewing the insolvency code. Member of the Company Law Reviews working party on UK corporate governance. Member of a committee of experts advising the education minister on a huge investment program (using PFI) for schools. Formerly an advisor to Ofcom (the telecommunications regulator), and its predecessor, Oftel, for about 15 years and the Scottish Water Industry Regulator (WICS). Recently a member of an appeals panel for the New Zealand Commerce Commission. I have given evidence to the Competition Commission and the Civil Aviation Authority on regulatory matters on behalf of BAA plc, whom I had advised for about 20 years, and to The World Court at The Hague on Landing Fees at Heathrow on behalf of HMG. Periodically, I have advised departments of Government for example, the OFT, the Treasury and the Office of Constitutional Affairs. I have advised The Walker Committee on the Governance of banks and the Myners Committee on Mutuals. In the last year I have advised Knight Vinke on the banking crisis and more recently presented that work to the FSA. I am a non executive director of Oxera and on the advisory board of Stern Stewart. Books J.R. Franks, C. Mayer and L. Correia da Silva Risks and Regulation in European Asset Management, OUP, 2003. J.R. Franks and C. Mayer Risk, Regulation and Investor Protection: The case of Investment Management, Oxford University Press, 1989. J. Edwards, J.R. Franks, C. Mayer and S. Schaefer Recent Developments in Corporate Finance, Cambridge University Press, 1986. (Editors). J.E. Broyles, W. Carleton and J.R. Franks Corporate Finance: Concepts and Applications, Kent Publishing Company, 1985. Working Papers J. R. Franks and G. Loranth A study of inefficient going concerns. Under revision with The Journal of Financial Intermediation J.R. Franks, C. Mayer and H. Miyajima Equity Markets and Institutions: The case of Japan. Submitted to the Review of Financial Studies. J.R. Franks, P. Volpin and H. Wagner Evolution of Family Capitalism: A comparative study of France, Germany, Italy and the UK. Under revision with the Review of Financial Studies. Presented at the American Finance Association M. Becht, J.R. Franks and J. Grant Have a quiet word: The returns from Public and Private Shareholder Activism. Working paper. Published refereed Articles (1983-2009) J. Franks, C. Mayer and S. Rossi Ownership: Evolution and Regulation, The Review of Financial Studies. 2009, 22 4009-4056. M. Becht, J. R. Franks, C. Mayer and S. Rossi Returns to Shareholder Activism Evidence from a Clinical Study of the Hermes U.K., 2008, Focus Fund, The Review of Financial Studies, 2009, 22 3093-3129 . To be reprinted in a Special Issue on Corporate Governance, Review of Financial Studies, 2010, edited by Michael Weisbach and Lucian Bebchuk. S. Davydenko and J.R. Franks Do Bankruptcy Codes Matter? A Study of France, Germany and the UK, The Journal of Finance, April 2008. J. R. Franks, C. Mayer and H. Wagner The Origins of the German Corporation Finance, Ownership and Control, The Review of Finance, 2006. J.R. Franks and O. Sussman Financial Innovations and Corporate Insolvency, The Journal of Financial Intermediation, 2005. J. R. Franks and O. Sussman Financial Distress and Bank Restructuring of Small to Medium Sized Companies, The Review of Finance, 2005. J.R. Franks, C. Mayer and S. Rossi, Spending Less Time with the Family: The decline of Family Ownership in the UK, in NBER, History of Corporate Ownership: The Rise and Fall of Great Business Families, Editor Randall Morck, 2005. Reprint: J.R. Franks and R.S. Harris, 1989, Shareholder Wealth Effects of Corporate Takeovers: the UK experience: 1955- 1985, Journal of Financial Economics, 23, 225-249. Reprinted in: In Corporate Governance in the New Global Economy: editors Keasey, Thompson and Wright, Edward Elgar Reprint: J.R. Franks, C. Mayer and L. Renneboog Managerial Disciplining and the Market for (Partial) Corporate Control in the UK in J. McCahery et al ed., Corporate Governance Regimes Convergence and Diversity, Oxford University Press, 2002. Reprint: J.R. Franks and W. Torous A Comparison of English and American Bankruptcy Procedures, Reprinted in J. McCahery et al ed., Corporate Governance Regimes Convergence and Diversity, Oxford University Press, 2002. J.R. Franks and C. Mayer Ownership and Control in Germany, Review of Financial Studies, October, 2001. J.R. Franks, C. Mayer and L. Renneboog Disciplining of management in under-performing companies, Journal of Financial Intermediation, July-September, 2001. Winner of JFI Best Paper Prize. J.R. Franks and R. Harris Shareholders Wealth Effects of Corporate Takeovers: The UK Experience 1955-1985, Reprinted in Takeovers Vol II, eds. A. Cosh and A. Hughes, Dartmouth Publishing Co., 2001 J.R. Franks, R. Harris and C. Mayer Role of Medium of Exchange in mergers in the US and UK, Reprinted in Takeovers Vol II, eds. A. Cosh and A. Hughes, Dartmouth Publishing Co., 2001. J.R. Franks and C. Mayer Bank Control in Germany: Takeovers and Corporate Governance, Journal of Banking and Finance, October 1998. Reprinted in Corporate Governance: The State of Art and Emerging Research, Eds. K. Hopt, M. Roe, and Wymeersch, OUP, 1998 J.R. Franks, S. Schaefer and M. Staunton The Direct and Compliance Cost of Financial Regulation, Journal of Banking and Finance, Vol. 21, 11-12, December 1997. Reprinted in Issues in Derivative Instrument Law, Ed. N.Swann, Kluwen, 1999. M. Brennan and J.R. Franks Underpricing, Ownership and Control in Initial Public Offerings, Journal of Financial Economics, September 1997. Reprinted in New Research in Corporate Finance and Banking, edited by B. Biais and M. Pagano, Oxford University Press. J.R. Franks and C. Mayer Corporate Ownership and Control in Germany, the U.K. and France, in Studies in International Corporate Finance and Europe, edited by Donald H Chew, Oxford University Press, 1997. Also, in the Journal of Applied Corporate Finance, March 1997. J.R. Franks, K. Nyborg and W. Torous A comparison of UK, US and German Insolvency Codes. Financial Management, Autumn 1996. Revised paper, A comparison of English and American bankruptcy procedures, authored by Franks and Torous published in Convergence and Diversity of Corporate Governance Regimes and Capital Markets, eds Renneboog et al, OUP, March 2002. J.R. Franks and K. Nyborg Workouts versus Formal Bankruptcy, Incentives and Inefficiencies Under Different Codes. Review of Financial Studies, Autumn 1996. J.R. Franks and S. D. Hodges The Meaning of Accounting Numbers in Target Setting and Performance Measurement: Implications for Managers and Regulators in Clean Surplus: A Link between Accounting and Finance, edited by K.V. Peasnell and R. Brief, Garland Publishing, 1996. J.R. Franks and C. Mayer Hostile Takeovers and the Correction of Managerial Failure. Journal of Financial Economics, January 1996. Revised version reprinted in Business Strategy Review, Winter 1995. J.R. Franks and C. Mayer Ownership and Control, in Trends in Business Organization: Do Participation and Cooperation Increase Competitiveness? Ed. Horst Siebert. J.C.B. Mohr (Paul Siebeck) Tbingen, 1995. J.R. Franks and W. Torous How firms Fare in Workouts and Chapter 11 Reorganizations, Journal of Financial Economics, May 1994. J.R. Franks and W. Torous A Comparison of US and UK Bankruptcy Codes, Oxford Review of Economic Policy, Winter, 1992. Revised version published in Journal of Applied Corporate Finance, 1993, and in Corporate Bankruptcy, Economics and Legal Perspectives edited by Jagdeep S Bhandari and Lawrence A Weiss, Cambridge University Press, 1996. Translated into Spanish and reprinted in Economista. J.R. Franks and E. Schwartz The Stochastic Behaviour of Market Variance Implied in the Prices of Index Options: Leverage, Volume and Other Effects, Economic Journal, November, 1991. Reprinted in Conference proceedings "Options 2: Recent Advances in Theory and Practice", Volume 2. Edited by Stewart Hodges. Manchester University Press, 1992. J.R. Franks, R.S. Harris and S. Titman Life after Takeover: The Postmerger Shareprice Performance of Acquiring Firms. Journal of Financial Economics. March, 1991. J.R. Franks and C. Mayer Capital Markets and Corporate Governance: A European Comparison, in Economic Policy, April 1990. Reprinted in five other books. J.R. Franks and R. Harris Shareholders Wealth Effects of Corporate Takeovers: The UK Experience 1955-85, Journal of Financial Economics, August. Reprinted in Takeovers, ed a. Cosh and A. Hughes, Vol. II, Dartmouth Publishing. J.R. Franks and W. Torous An Empirical Investigation of US Firms in Reorganization, Journal of Finance, July 1989. Reprinted in Bankruptcy and Distressed Restructuring. Edited by E. Altman, Irwin, Summer 1992. J.R. Franks, R. Harris and C. Mayer The Role of Medium of Exchange in Mergers in the US and the UK, in CORPORATE TAKEOVERS: Causes and Consequences, editor Alan Auerbach, The University of Chicago Press, 1988, (paper published as an NBER working paper). Reprinted in Takeovers, Volume II, eds Andy Cosh and Alan Hughes, Dartmouth Publishing Co (forthcoming). J.R. Franks, J. Karki and M. Selby Valuation of Loan Guarantees, Journal of Industrial Economics, September 1988. J.R. Franks and Y. Landskroner Dividends, Taxes and Financial Intermediaries, Essays in honour of Irwin Friend, editor M. Sarnat, Journal of Banking and Finance, Winter 1987. J.R. Franks and S.D. Hodges Lease Valuation When Taxable Earnings are a Scarce Resource, Journal of Finance, September 1987. I. Cooper and J.R. Franks Treasury Performance Measurement, Midland Corporate Finance Journal, vol. 4, No. 4,Winter 1986. Revised and reprinted in The Treasurer, February and March 1988 issues. Reprinted in New Development on International Finance, edited by J. Stern and D. Chew, Blackwell 1988. J.R. Franks and R. Harris The Role of Mergers and Monopolies Commission in Merger Policy Costs and Alternatives, Oxford Review of Economic Policy, Vol. 2, No. 4, Winter 1986: 58-78. Revised and reprinted in Mergers and Merger Policy, editors John Kay and Jim Fairburn, Oxford University Press, first edition 1989 and second editions 1993. Editors John Kay and M. Bishop. J.R. Franks and J. Pringle Debt Financing, Corporate Financial Intermediaries and Firm Valuation, Journal of Finance, June 1983. I. Cooper and J.R. Franks Interaction of Financing and Investment Decisions When the Firm Has Unused Tax Credits, Journal of Finance, May 1983. Working Papers Papers being prepared on family business, hedge fund activism and ownership and control. Practitioner and Newspaper Publications J.R. Franks and C. Mayer Three articles in Mastering in Management Series Sept/Oct 2006: The right conditions for trust between businesses, Different votes for different folks, and the Introduction to the Series. J.R. Franks, C. Mayer and S. Rossi Takeovers that broke family ties, The pace of acquisitions in the UK brought about the end of clan power, Financial Times, 2003. J.R. Franks and C. Mayer Role of Non Executive Directors, Financial Times (Personal view), November 2002. J.R. Franks, C. Mayer and L. Correia da Silva Regulation and Asset Management, Mastering Investment, The Financial Times, 2001. J.R. Franks and C Mayer Ownership and Control in Europe in The New Palgrave Dictionary of Law and Economics, 1998 J.R. Franks and C. Mayer Restructuring of Under-performing companies, A Personal View in The Financial Times, 1998. R.A. Brealey and J.R. Franks Some concerns with the Regulatory System of the Utilities, Utility Finance, 1996. J.R. Franks Some issues in sovereign debt and distressed reorganizations, In Crisis? What Crisis? Orderly Workouts for Sovereign Debtors CEPR, 1995. J.R. Franks and S. Schaefer Custodianship and Investor Protection, Personal View, Financial Times, 1994. B. Betker, J.R. Franks and W. Torous Are Stockholders Better Off When Debt is Restructured Privately? Reprinted in Bankruptcy and Distressed Restructuring. Edited by E. Altman, Irwin, Summer 1992. J.R. Franks Regulation of Takeovers, Lectures on Regulation, 1991. Edited by M.E. Beesley. Centre of Business Strategy, LBS. J.R. Franks and S. Schaefer Equity Market Transparency, Stock Exchange Quarterly, April-June 1991. Substantially revised version published in the Journal of Applied Corporate Finance, Spring, 1995. J.R. Franks Comment on Richard E. Caves' paper, Corporate Mergers in International Economic Integration", European Financial Integration, Editors A. Giovannini an C. Mayer, Cambridge University Press, 1991. J.R. Franks and C. Mayer Capital Requirements and Investor Protection - An International Perspective, National Westminster Bank Review, August 1990. J.R. Franks Keeping the boardroom in check without mergers in The Independent, Tuesday, 28 March, 1989. J.R. Franks Performance of Merging Firms: Stockton Lecture, published in London Business School Journal 1988. Revised and reprinted in The Treasurer, January 1989. Translated into Italian and reprinted in Volume II Studi in Onore di Usaldo de Dominicis, edited by Maurizioi Fanni, 1991, pages 875-87. PhD Supervision Supervised the following PhD theses: Chris Higson Corporate Financial Behaviour in the Presence of Taxes, 1993. Man Kit Lai Market Transparency and Intraday Trade Behaviour in the London Stock Exchange, 1996. Luc D R Renneboog Ownership, Managerial control and the Governance of Poorly Performing Companies listed on the London and Brussels Stock Exchanges. Kazunori Suzuki Rights issues in UK and cross holdings in Japan, 1999. Maria Carapeto Essays on Chapter 11: Debtor-in-Possesssion Finacing and Bankrutpcy Bargaining , 2000. Goerge Tian (with Saul Estrin): Government, Governance, and Finance Some Corporate Finance Issues in Chinas Emerging Stock Market, 2003. Sergey Sanzhar Essays in Corporate Finance, 2004. Stefano Rossi, Essays in corporate governance, 2005. Research Grants J.R. Franks and C. Mayer Capital Markets, Corporate Governance and the Market for Corporate Control (1989-92) ESRC Funded Project No. W102251003 for 171,000. Additional grant of 10,000 given by John Chown Associates. J.R. Franks and C. Mayer Risk, Regulation and Investor Protection; the case of the Investment Management Industry, grant of 34,750 awarded by IMRO (completed, 1989). J.R. Franks Performance of Merging Firms: A comparison of the US and the UK: grant of 14,750 awarded by The Leverhulme Trust (completed 1988). Web of Science Citation Index / 2004 Total number of cites = 789 (to August 2004) Selected papers TitleJournalNo. of CitationsAn industry study of the profitability of mergers in the United KingdomJournal of Finance, 197722Valuation of financial lease contracts: a noteJournal of Finance, 197832The Role of Medium of Exchange in Mergers in the US and the UKCORPORATE TAKEOVERS: Causes and Consequences, 198826Shareholder Wealth Effects of Corporate Takeovers The UK Experience 1955-1985Journal of Financial Economics, 198924An Empirical-Investigation of United-States Firms in ReorganizationJournal of Finance, 1989152Capital Markets and Corporate Governance: A European ComparisonEconomic Policy, 199052Life after Takeover: The Postmerger Share Price Performance of Acquiring FirmsJournal of Financial Economics, 199138A Comparison of Financial Recontracting in Distressed Exchanges and Chapter-11 ReorganizationsJournal of Financial Economics, 199447Hostile Takeovers and the Correction of Managerial FailureJournal of Financial Economics, 199634Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UKJournal of Financial Economics, 199724 #$+,GKLPZ[\]xqjf_OhYJh<5OJQJ\^J hlh2mhl hn h< hYJh<hYJhn CJ hn CJ hlCJhlhl0J1CJjhlhlCJUhlhlCJjhlhlCJUhlhsgCJhlh s8CJ h9'CJhlhCeCJhlh{CJ hxYCJhlh<CJhYJh<CJ$;Sq$&#$If]qgd9'q$&#$If]qgd{q$&#$If]q !W ||| $Ifgdn $d$Ifgdl"gdn ckd$$Ifl#g 0g 64 layt s8         γެޙwhYJhYJCJ h<CJhYJh/CJ\hYJh/CJhYJh<CJhYJh<5\ hYJhhYJh|5OJQJ\^Jh hYJhuhYJh<5OJQJ\^J hYJh< hCePJhYJh<PJ hn PJ h?PJ.   |of $Ifgdn $d$IfkdY$$Ifl40% ` @ 0(64 laf4p    Y 44J$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ$Ifa$gdn $d$Ifskd/$$Ifl40% 0(64 laf4 sf $d$Ifkd$$Ifl40% ` @ 0(64 laf4p $Ifgdn  A4 $d$Ifskd$$Ifl40% 0(64 laf4J$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ$Ifa$gdn  -kds$$Ifl40% ` @ 0(64 laf4p $Ifgdn F$ q%n %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ$Ifa$gdn  fkdW$$Ifl40%   0(64 laf4p $Ifgdn $d$If  M $Ifgdn J$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ$Ifa$gdn  |oi$If $d$Ifkd;$$Ifl40% ` @ 0(64 laf4p  |zmg$If $d$Ifkd$$Ifl40%   0(64 laf4p  B C   qommmhhmmmmm-gd/-kd$$Ifl40%  @@0(64 laf4p 6\VJ ,d]gd6r^kd$$Ifl40%  @@0(64 laf4p$If $d$If-  )678PRk9:TWzDccʺʈ|tithYJh<OJQJhYJh<\hYJh<5mHsHhYJh<5hb hYJhT hb@hYJhT@hYJh<@ hYJhu^/ hYJhK`hYJh<CJhYJh<PJhYJh<5OJQJ\^J hYJhlhCehCeCJ h6rCJ hYJh<)678PQRSSkd $$Ifl40%  @@0(64 laf4p$If $d$If$dSektu$If $d$If$d, J I$ w'6n %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$ qbVGVV$d^a$gdb $^a$gdK`$d^a$gdK`kd $$Ifl40%  @@0(64 laf4p^kd $$Ifl40%  @@0(64 laf4p$If $d$Ifvvvd nJ ^`gd|#E$ q%6 %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ^a$gd|#B$ q%6 %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ^a$cz (89`fͿxhxXKAhhCJOJQJhYJhu4[CJOJQJhYJhK`5CJOJQJ\hYJhi5CJOJQJ\hYJhuH5CJOJQJ\hYJh<PJhYJh<5OJQJ\^JhYJhT5OJQJ\^J hYJh< hYJhK`hYJh<5OJQJ\hYJhhOJQJhYJhuHOJQJhYJh<OJQJhYJh<\hYJh<>*\9sassKKFgdK` n J ^`gdh & F nJ ^gd|#E$ q%6 %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ^a$gd|#E$ q%6 %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ^a$gd|#XH?^gduHd]^gduHkd $$Ifl40%> @@0(64 laf4p$If $d$If^vx~  = > 8!E!T!U!V!Y!x!{!|!~!ĽϳϬġĽϐĐueuUuhYJh!5OJQJ\^JhYJh|#5OJQJ\^JhYJh<5OJQJ\^J hYJhfhYJ hYJh6RhYJhg5\htp hYJhex hYJhihYJhK`5\ hYJh!hh hYJhghYJhuH5\hYJhu4[CJOJQJhYJh%fCJOJQJhYJhC CJOJQJ > U!V!~!!!9kdm $$Ifl40/ %x @@0(64 laf4pyt|#=$If]=^gd|# $d$If^gd2m^gdtp~!!!!!&"?"e""""""""""""""#.#M#b#c#d#j#y#Ⱦؘtth\tQFQhYJh!OJQJhYJhC OJQJhYJh!>*OJQJhYJhEv>*OJQJhYJhEvOJQJhYJhhOJQJhYJh75OJQJ\hYJhEv5OJQJ\hYJh!\h'7eh!\h'7ehT\hYJhT>*\hYJhT\hYJhK`5hYJhT5hYJh75hYJh<OJQJmH sH hYJh<PJ!!""##$x$y$$%% %%%%&&.^gd\.^gdh^gdh/^gdh/^gd7d]^gd7.y#z##############$ $$$R$S$T$U$j$v$꽯zodXLAh'7ehTOJQJhYJh, >*OJQJhYJhF>*OJQJhYJh5@kOJQJhYJhFOJQJhYJh, OJQJhYJhh5OJQJ\hYJh, 5OJQJ\hYJh75OJQJ\hYJhEv5OJQJ\hYJhEvOJQJhYJh\B >*OJQJhYJh\B OJQJhYJh!OJQJhYJhC OJQJhYJhNOJQJv$w$y$$$$$$$$%%%% %P%w%%%%%%%wk]kwRFhYJh<>*OJQJhYJh<OJQJhYJh<>*OJQJ\hYJh<OJQJ\hYJhhOJQJhYJh\5OJQJ\hYJh<5OJQJ\hYJh<>*mH sH hYJh<mH sH hYJhhmH sH hYJhEv5\mH sH hYJh<5\mH sH hYJh75\mH sH hYJh, OJQJh'7eh, OJQJ%%%&&&&&&"&%&*&&&&&&&& ' ''(A((((((())))))))))|tlthYJh<5hYJh<>*hYJhK`6]hYJhK`5@\hYJh<5@\hYJh<OJQJ\mH sH hYJh<@hYJh<6] hYJh<hYJh<5\hYJh\5\hYJh<OJQJhYJh<>*OJQJhYJhh>*OJQJ&&&&((B(``H t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^gdh'$ 2`0h<r  N*`*$^a$gdh.^gdh&$ /`0h<r  N*`*$^a$gdhB())*)o"L$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdhH t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^gdhH t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^gdK`*))))M*N*x*jjjjS $ o#6]6^a$gdhH t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh)))!*<*M*N****** +++)++++++?,O,,,,-------........///0e000000122u222ù繤ߐ hYJhK`hYJhK`5 h2m5hYJh<5>*\hYJh<6]hYJh<5\ hYJh<@OJQJmH sH  hhh<hhhYJh<>* hYJh<hYJh<5hhh<6]8x*++)++++,jYHYYH 6]6^gdh 6]6^gdhM t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6d]6^gdhH t&6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^gdh,,,---!..eNNN 6n o#6]6^gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh......//ooooH$ n$6J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdK`H$ n$6J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh///0000222222hI w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ]^gdK`L$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh 22:3I3n3334$4S4l4{4444 5L5f55555626`6666H7R7U7p77718c888(9F9V9n9999 :[:y:::::*;<;V;e;};;;;;;<@<=8=9=W=v=== >hYJhK`5 hYJh2mh2mh< hU>*h|.hYJh<mHsHhYJh<>* h'7e>* hYJh<hYJh<5G2333{4|44K5L5f5555T7U7q7888 6]6^gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh8U9V9o999 ::::;;;;L$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh ;;==eL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh=9====9>:>V>>>eeeeeeeeL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdhL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdK` > > >*>:>U>>>>>?M?Z?]?}??????W@w@y@@@@^AxAyAAAAARBdBpBqBrBBBBBBBC⪚{p{hYJh7mH sH hYJhu4[mH sH hYJh<mH sH hYJh<PJhYJh<5OJQJ\^JhYJh<5>* hYJhhhYJh<mHsH h15\hYJh<5>*\hYJh<5\hYJh<5hYJh<>* hYJh< hYJhK`,>>??@]A^AyAAAApBL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gdh o#6]6^gdh pBqBrBBB$If $d$IfL$ w'6n J %\8!%'*K,.02&5]79;>9@pBDFILKMOQ6]6^a$gd|#BBBBBBCCqlcllVP$If $d$If^gd|#$a$kdZ$$Ifl40%> @@0(64 laf4pC C C$CCCDDDDDqgZZZZZZZZ ]^gd|# 6]6kdA$$Ifl40%> @@0(64 laf4p C C C"C#C$CCDnD}DDDDDDDDE@ETEVEiEqEEEEEE>FQFYFZF[FwFFFFFaGgGGGGGGFHmHHHHHI5IRIjIIIIILJjJJJKμμδδΰδδδδδδδhYJh<CJ hYJh2mh<hYJh<5hYJh<6]hYJh<>* hYJh<hYJh<5\ hYJhhhYJh2l5\ hYJh2lhYJh<PJ?DDEqErEEEEEYFZF[FxFFFFaG, gd|#L$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|# ]^gd|#aGhGGGGGHHHII6IIiiiiiiiiiiiL$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|#H$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]a$gdK` IIIJJJGKHKTKKKK-LiiiiiiiiiiiL$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|#H$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]a$gdK` K8KHKTKKKKKKKKLLLLLLMaMbMiMMMN!OAOBOOOOOOOOPPPPPP P¹𜑜{skh2mmHsHh<mHsHhYJh<mHsHhYJhhmHsHhYJh7mHsHhYJhK;PmHsHhYJh<mHsH hYJh7hYJh7CJhYJh<CJhYJh<PJhYJh<5OJQJ\^JhhhYJh<5 hYJh<hYJh<>*(-LLLLLL$If $d$IfL$ w'6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|#LLLMMqo$$K$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$kd($$Ifl40%  @@0(64 laf4pMiMjMMMgNnNNN O!OOOOOPP^gdK;P^ ^K$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$, PP P!P1P2P3P4PXVkd$$Ifl40%  @@0(64 laf4p$If $d$If^ P!P1P3P4PMPQ)QQQKRLRMRNRrRsRtRRRRR:S;SSSSSuTvTTT2U3UUU2V3VVVWW!W»ܠ՗՗՗՗՗՗՗՗՗՗՗hYJh<CJhYJh<5CJ\hYJh<OJPJQJ^J hYJhK` hYJh $&h<hYJh<5 hYJh<hYJh<PJhYJh<5OJQJ\^JhYJh2mmHsH)4PMPQQ*QiH$ w'n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]a$gd|#L$ w'n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|#*QQQQgJ$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]a$gd|#N$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gd|#QLRMRNRsRtRuR;9-okd$$Ifl4%( @ 0(64 laf4p $IfN$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$gdK`uRRRRRRRR -$$If^a$ -$If^-^-RRS7S:SPFF9 -$$If^a$ -$If^kd$$IflF]F%J  0J(6    4 lapyth:S;SjSSSvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 laythSSSSSvll_ -$$If^a$ -$If^kdh$$IflF]F%J 0J(6    4 laythSSMTrTuTvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 laythuTvTTTTvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 laythTTU/U2Uvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 layth2U3UUUUvll_ -$$If^a$ -$If^kd@$$IflF]F%J 0J(6    4 laythUU V/V2Vvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 layth2V3VnVVVvll_ -$$If^a$ -$If^kd$$IflF]F%J 0J(6    4 laythVVVWWvll_ -$$If^a$ -$If^kdb$$IflF]F%J 0J(6    4 laythWW!Wvp-^kd$$IflF]F%J 0J(6    4 layth.:p s8. A!"#7$% DyK jfranks@london.eduyK 4mailto:jfranks@london.edu$$If!vh5g #vg :V l0g 65g 4ayt s8$$If!vh5 5#v #v:V l4 @ 0(6+5 5/ 4af4p $$If!vh5 5#v #v:V l40(6+5 5/ 4af4$$If!vh5 5#v #v:V l4 @ 0(6+5 5/ 4af4p $$If!vh5 5#v #v:V l40(6+5 5/ 4af4$$If!vh5 5#v #v:V l4 @ 0(6+5 5/ /  4af4p $$If!vh5 5#v #v:V l4  0(6+5 5/ / 4af4p $$If!vh5 5#v #v:V l4 @ 0(6+5 5/ /  4af4p $$If!vh5 5#v #v:V l4  0(6+5 5/ / 4af4p $$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5>5 #v>#v :V l4 @@0(65>5 / 4af4p$$If!vh55x#v#vx:V l4 @@0(655x/ 4af4pyt|#$$If!vh5>5 #v>#v :V l4 @@0(65>5 / 4af4p$$If!vh5>5 #v>#v :V l4 @@0(65>5 / 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5 5#v #v:V l4 @@0(65 5/ 4af4p$$If!vh5(#v(:V l4 @ 0(65(/ 4af4p $$If!vh55J 5#v#vJ #v:V l 0J(655J 54apyth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth$$If!vh55J 5#v#vJ #v:V l0J(655J 54ayth28@8 Normal_HmH sH tH N@N  Heading 1(@&^( @CJKH:@:  Heading 2 @&5J@J  Heading 3 @&6@CJOJQJ:@:  Heading 4 @&CJ2@2  Heading 5@&R@R  Heading 6<@&]6CJOJQJ@  Heading 7$$ & F z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ@&a$ 5OJQJ@  Heading 8$$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ8@&^8`a$ 5OJQJ @  Heading 9 $$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ@&a$5DA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k(No List @B@@ Body Textd]<O< Achievement $<a$NON Address 1&d#$0$` CJNO"N Address 2&d#$0$e CJDC@2D Body Text Indent ^4O4 City/State$ZOZ Company Name# pPd(]5<OQ< Company Name One(L@r( Date$LOL Document Label]@CJ0@X@@ Emphasis5@CJOJQJkH:O: Header Base ]F @F Footerd 5CJOJQJ.@. HeaderdNON Heading Base $$@CJOJQJTOT Institution# pPd<]O JobXOX Job Title d(5@OJQJ_HmH sH tH POP Lead-in Emphasis5@CJOJQJkH@O@ n Name"$da$ @CJ0aJ0bO2b No Title$#dx$d%d&d'd5@EHOJQJ<O< Objective$dB)@B Page Number5CJOJQJkHO Section Titleg&$dx$d%d&d'd-D M NOPQa$5@EHOJQJ^JNOaN Section Subtitle'$d 5@EH:O: Personal Info(P@ Body Text 2)$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQa$0@ List Bulletv* & F>TTf^`mH sH FOF MTEquationSection <B*phT@ Block Text,$ z(6n J %\8!o#%'*K,.02&5]79;>9@pBDFILKMOQ]^a$CJLR@L Body Text Indent 2 -^CJ@Z@@ Plain Text.OJQJmH sH S@ Body Text Indent 3E/$ /`0h<r  N*`*$^a$ @OJQJ<m<T1 / 1.1 / 1.1.10 F&6U@6 l Hyperlink >*B*ph!O!O$;S   YMBC6 7 #O v: v: v: v: v: v: v: v: v: v:H%Y%v:%v:< v::::< v:y< v:v:v:v:< v:y< v:v::< v:< v:v:v:v:v::< v: %v:< v::%v:%v:%v:%v:%v:%v:%v:%v:%v:%v:%v:%v:%v:%v:< v::%v:%%v:%v:$;S   YMBC6 7 8 P Q R S e k t u 9>UV~xy   B !!*!!!!M"N"x"##)####$$$%%%!&&&&&&&''''((((******+++{,|,,K-L-f----T/U/q/000U1V1o111 222233333559555596:6V6666778]9^9y9999p:q:r::::::::;; ; ;$;;;<<<<<<=q=r=====Y>Z>[>x>>>>a?h?????@@@AA6AAAABBBGCHCTCCCC-DDDDDDDDEEiEjEEEgFnFFF G!GGGGGHHH H!H1H2H3H4HMHII*IIIILJMJNJsJtJuJJJJJJJJJK7K:K;KjKKKKKKKKMLrLuLvLLLLLM/M2M3MMMMM N/N2N3NnNNNNNOOO#O0000000000 0 "000$0 000 0 $0 0 0 $0 000 0 $0 0 0 $0 00 0 $0 0 0 $0 00000 0 $0 0 0 0$0 0 0 0-0-0-0-0-0-0-0-0-0-0-0-0-0$0 0 0 0,0$00$0 0 0 000,0,0,0$00$0 0 0 00000$0 0 0 0000x000h000x0x00707$07 07 07 00000$0 0 0 .00/0/0/0/0/0/000.0.0.0.0.0.0.00.000000000000 00L" 0L"0L"0L"0L"0L"0L"0L"0L"0L"0L" 0 0 00&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0&0& 0 00606060606060606060606$06 06 06 06060606$06 06 06 060606060606060606060606060606060606060606060606,06060606060606060606060606060606060606060606060606060606$06 06 06 060606,06060606060606060606060606060606060606$06 06 06 060606060606060606060606 06 -06-06-06-06-06-06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06 -06 -06 06 -06#OZ00C0 Z00 c~!y#v$%)2 >CK P!W,0<BEGIJKOTY^bg  6S!&B(*)x*,./28;=>pBBCDaGI-LLMP4P*QQuRR:SSSuTT2UU2VVW!W-/123456789:;=>?@ACDFHLMNPQRSUVWXZ[\]_`acdefhijklmnopqrstuv!W.\!OX8@0(  B S  ? OLE_LINK1 OLE_LINK2 OLE_LINK3#Oc#OkHMIML JMKMLM!MMNM,OMPM&QM"RMP"SM*TM.UMVM,#WMQ"XMt8"YM h!ZM[M~(\M5]MP"^M\ _M`MD"aM#bMD&cM4dMl0eM-fM(gMhMU&iMlxjMW&kM&lM,mṀnMoM[pMd(qM,&rM|(sMLtMDN!uMLvMTnwMxM2#yM,zM4{M[|M&}M~MMM,M*M4MMK$M!M#MN&MS&ML(M1Mth Mh M]'M^'M M MMTMtUMUM M M!M\!MĜMM&MĈ&MKM,LMLMMl(M(ML M M M M$MdMMMlMM*M*MEMEMD&M&YY]fqzmmwbbz z WW8@PPwwTT!!!""b#b#'$.$.$$$C%C%''''(((-..000D2D23F<F<=z@EEFFFGGIJJKKKKK5L5LNN#O      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghij\epyudd YY>GRRyyVV!!!""d#d#)$0$0$$$F%F%''''(((-..000F2F23H<H<=@EEFFFGGIJJKKKKK7L7LNN#O    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghij;k*urn:schemas-microsoft-com:office:smarttagsaddress:j*urn:schemas-microsoft-com:office:smarttagsStreet9S*urn:schemas-microsoft-com:office:smarttagsStateBR*urn:schemas-microsoft-com:office:smarttagscountry-region8h*urn:schemas-microsoft-com:office:smarttagsCity=f*urn:schemas-microsoft-com:office:smarttags PlaceName=d*urn:schemas-microsoft-com:office:smarttags PlaceType9i*urn:schemas-microsoft-com:office:smarttagsplace @H kjihiffdfdiffdiffdiffdihSRihiiRhifidRiRRRRiiRiRRRiRiRifidiRiRRiRiRiSRRiRiRiRhifidiRiRiiiihRRiiRRRiiRRiRiRiR   =BQV8 A #!)!v!~!k"t"##I$L$f%j%x%%i&p&r&x&&&Z'_'g'm'((((x)~)))))**++ -K-_-e---....H/R/00012222O4W444&5+5556 6y88====????@@wBBDDDDDDDDDDDDDD"E(EEEF G!G'G(G,G8G>GGGGHHHHI(J2JLMVMMMNN#Ol` 5 !py ESeh]cdTWPS(*!!x""" #3&&''(V((( ))]*b***I+J++,O,[, -J-4.:... 0o0q0000(1G111223344666"7%7,77788=9\9::&<)<<<V=Y====X>-?`???@@@@@@@AAATCC-D6DEhEnFFFGGGGHHHHI*II:JIJ#O33333333333333333333333333333333333333333333333333333333333333333333333333333$8 S ETV"###V$$X((I33r::: ;>>AADDGG!H4HIIJJK;KjKKKKMLvLLLM3MMM N3NnNNN O#O##+,GKLPZ[\6 7 7 bcCETU6?!!""####m$m$%%&&I+I+22e3e333{7}7Y>Z>AACCH HKJLJ#O&Xv|:Z&de6.1#X@UM % t"'*vU|l,2ʋd\t%E>x7? B6uqK+"*CJOJQJo(. h hh^h`OJQJo(h 88^8`OJQJo(oh ^`OJQJo(h   ^ `OJQJo(h   ^ `OJQJo(oh xx^x`OJQJo(h HH^H`OJQJo(h ^`OJQJo(oh ^`OJQJo(h ii^i`OJQJo(h 99^9`OJQJo(oh   ^ `OJQJo(h   ^ `OJQJo(h   ^ `OJQJo(oh yy^y`OJQJo(h II^I`OJQJo(h ^`OJQJo(oh ^`OJQJo(hh^h`.P^`P..^`...xp^`x....  ^` .....  X ^ `X ......  ^ `....... 8^`8........ `H^``......... hh^h`OJQJo(^`o( hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo( @^`56>*CJOJQJo(.  hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(l^`lo(_l^`lo(-0^`0o(-.0^`0o(-.. 0^`0o( -... 88^8`o( -.... 88^8`o( -..... `^``o(-...... `^``o(-.......WW^W`o(WW^W`o(-WW^W`o(-.WW^W`o(-.. WW^W`o( -... 88^8`o( -.... 88^8`o( -..... `^``o(-...... `^``o(-....... hh^h`OJQJo(@^`56>*CJOJQJo(. 2 62 ^2 `6o(^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.hh^h`.P^`P..^`...xp^`x....  ^` .....  X ^ `X ......  ^ `....... 8^`8........ `H^``......... hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(\^`\o(}0}^}`05o(.^`.L^`L.^`.U U ^U `.% L% ^% `L.^`.^`.L^`L. hh^h`OJQJo( hh^h`OJQJo( hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo( hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo( hh^h`OJQJo(}0}^}`0o(.^`.L^`L.^`.U U ^U `.% L% ^% `L.^`.^`.L^`L. h^` CJOJQJY(o(@^`56>*CJOJQJo(. WW^W`o(WW^W`o(-WW^W`o(-.WW^W`o(-.. WW^W`o( -... 88^8`o( -.... 88^8`o( -..... `^``o(-...... `^``o(-....... hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(XX^X`o(.((^(`.L^`L.  ^ `.  ^ `.hLh^h`L.88^8`.^`.L^`L.6^`6o(6^`6o(-6^`6o(-.6^`6o(-.. 6^`6o( -... 6^`6o( -.... 6^`6o( -..... 6^`6o(-...... 6^`6o(-.......@^`56>*CJOJQJo(. }0}^}`0o(.^`.L^`L.^`.U U ^U `.% L% ^% `L.^`.^`.L^`L.b^`bo(b^`bo(-b^`bo(-.b^`bo(-.. b^`bo( -... b^`bo( -.... b^`bo( -..... b^`bo(-...... b^`bo(-....... hh^h`OJQJo( ^`OJQJo(o pp^p`OJQJo( @ @ ^@ `OJQJo( ^`OJQJo(o ^`OJQJo( ^`OJQJo( ^`OJQJo(o PP^P`OJQJo(z^`zo(^`.pLp^p`L.@ @ ^@ `.^`.L^`L.^`.^`.PLP^P`L.^`o(^`o(-^`o(-.^`o(-.. ^`o( -... ^`o( -.... ^`o( -..... ^`o(-...... ^`o(-.......&1"G1(3%t"'? Wy|k.T 0'mEJ:\t$r-|A `d+"ZhudeU|No))U&"pf?A@duq)/SZe#X1VzY,6l7sAP?/4"h M hh^h`6.2!P^`P..03"^`...#xp^`x....8$  ^` .....d%  X ^ `X ...... &  ^ `.......`' 8^`8........( `H^``.........&&                  8Lg        8Lg        h        8Lg                8Lg        8Lg        #        8Lg        X (        V        8Lg        :0        SRi'n \B C b $tp\] |# $&Du*n,H-6_-u^/g:3C6 s8wB7CuHYJK;P6RxYu4[#\K`dpd'7eCesg5@k2lex{!7h9'1UF!|6rdEvTgN, 2mhf)/|%f`-?<v]~1|.lhTI?u  8 P Q R V~p:q:r:::::::;; ;DDDDD!H1H2H3HNJsJtJJJJJJJJK7K:K;KjKKKKKKKKMLrLuLvLLLLLM/M2M3MMMMM N/N2N3NnNNNNNOOO#O iResumeStylex3Resume Post Wizard Balloon10@    !O@UnknownG: Times New Roman5Symbol3& : ArialC .PMingLiUe0}fԚ9CG Times;& z Helvetica?5 z Courier New;Wingdings"qh7f/s:f6 RC( RC(!24dNN:F 2qHP ?/2MC:\Program Files\Microsoft Office\Templates\Other Documents\Resume Wizard.wizResumeInformation Systems DivisionInformation Systems Division&     0     0               ! " # $ % Oh+'0  4@ ` l x Resume Information Systems DivisionResume Wizard.wiz Information Systems Division20Microsoft Office Word@0@@8(@f RCG8 Rt   w &" WMFC lllah Rt EMFl=D$?0t   ah%  Rp@Times New RomanG: Times ew Roman?8`S)0h0hlN0dv%  TT J@@ 7L NhP % T MG@@ L Nhl38 Wildwood Road**O*:***7*%*TTHMl@@HL NhP % Tx  @@ L Nh\London 2*)**)TX  @@ L NhP T|  @@ L Nh\NW11 6UY<O***<<TT @@L NhP % Tx  j@@ WL Nh\Phone: /)*)%TT  j@@ WL NhP T j@@ WL Nhh020 8209 1924 ***)*****)*TT j@@WL NhP $ T m`@@  L NhdWork: 020 O*)*)*Tdam@@aL NhT7000*)**TTm@@L NhP Tdm@@L NhT8261**)*TXm@@L NhP TTm@@L NhP $ Tx  )@@ L Nh\Email: 4?%TT  )@@ L NhP TT  )@@ L NhP Rp@Times New Roman =2dW* P) ę/ 0pˮ0P) ęݝ0P) )0ę8#0P) G: Times ew Roman? )0 0 lN0 dv% %  T )@@ L Nhpjfranks@london.edu%*)!L*)**)%+)'% Ld " !??% (  TT)@@L NhP & TT , @@ vL NhP % TT  @@ L NhP % TT  I@@ 6L NhP % TT L @@ L NhP *Rp8@Times New RomanG: Times ew Roman?$(t )0 0 lN0 dv%  T? @@dLahlJulian R FranksF[0/Q[*}*f;P[\FTT?  @@? dLahP R % TTOIs@@OLahP % TTOs@@OLahP %   '% Ldf0`!??% (      '% Ld]f]*`!??% (      '% LdggL!??% (   Rp@"Arial3&: Arial?$9. )0T 0T lN0l dv%    '% Ld\fD`!??% (    TYe@@SLhtPersonal Information7.!.33.33 K.33TTZe@@ZSLhP / TTF@@LhP . Rp@Times New RomanG: Times ew Roman?$P)0h0hlN0dv% Te@@RLhlNationality: <%*)%)TTe@@RLhP T|e@@RLh\English 3*)!)TTe@@RLhP & Tht @@LhMarital status: Married with J%% %) J%%*;)T`u h @@u LhTfou*)TT h @@ LhPrT h$ @@  Lh` children%)*%)TT% hJ @@% LhP & TT%@@LhP *   '% Ld^^0`&" WMFC lfl!??% (      '% Ld]^]^*`!??% (      '% Ld L!??% (      '% Ld^\^D`!??% (    % T]@@ Lh`Education733..33TT]@@LhP / TT Fh @@V LhP . % T_ @@;LhB.A. Econ. Triple Honours Degree Sheffield University, 19658;3%*)4*%<*)*) <%)%%.)&%*<*)%!(****TT _ @@ LhP-TX _=@@ LhP68**TT>_b@@>LhP %!h"  T  @@ 9LhMBA Columbia University Graduate School of Business, 1968J8;7**?*%=))% )<%*)%%.%)***8* )& ****TT   @@ LhP-TX ` @@  LhP69**TTa @@a LhP $!h"  % T | @@i LhPhD. London University, 1979/)<2*)**)=))% )**)*% TT  | @@ i LhP *   '% Ld  0`!??% (      '% Ld]  ] *`!??% (      '% Ld `  L!??% (      '% Ld \  D`!??% (    % T K @@ LhPresent Academic Position7 /..3:/.3.J.74.33TTL y @@L LhP .   '% Lde  e 0`!??% (      '% Ld]e  ]e *`!??% (      '% Ld 4 p!??% (      '% Lde \ e D`!??% (    TTd F @@ LhP . % T , @@ LhpProfessor of Finan/*% **.)%)T- r  @@- Lhlce at the London%%%)%3*)**)Ts P  @@s Lhh Business Sch8) )% .&)T`Q  @@Q LhTool**T,  @@ %Lh and Academic Director of the Centre %)*;%%*&@%<%%**)%7&)&!h"  T@ s @@` SLhfor Corporate Governance and lead investigator for a 1.4 million pounds grant for *17***%%1<*)%)%)%%1%)*1%%*1))%!)%*1*1%1)**1?*)1***)* 1)%*1*!h"  Tv  @@ Lhxcorporate governance.%***%%)*)%)&)%%TTv  @@ LhP %!h"  % TT 3 @@ LhP *    '% Lda d a !??% (       '% Ld5  5 0_!??% (      '% Ld]5  ]5 *_!??% (      '% Ld  L!??% (    &" WMFC lFl  '% Ld5 \ 5 D_!??% (    % T4  @@ LhxPast Academic Position7..:/.3.K.73.33TT4  @@ LhPs/TT4 % @@ LhP .   '% Ld C 0`!??% (      '% Ld] C ] *`!??% (      '% LdD  D !??% (   Rp@Times New RomanG: Times ew Roman?c)0T 0T lN0l dv%    '% Ld \C  D`!??% (    TT BB @@1 LhP * % T6 F @@ 6LhMember of faculty at London Business School since 1972J&?*%*%&))%2*)**)8) )% .%)** )%%****TTG 6 j @@G LhP $!h"  T o @@ LhVisiting Professor at UCLA < *)/*% *%<83;T`p @@p LhT199***TT  @@ LhP5*TT 2 @@ LhP-Tx3 - @@3 Lh\6, 1993*)***TT. H @@. LhP-TxI C @@I Lh\4, 1986*)***TTD ^ @@D LhP-TX_ @@_ LhP7 *TT @@ LhP $!h"  T $ R @@? 4LhVisiting Scholar at UCLA for Summer of 1990 and 1991< *).%)*%%=73<*.*A@%*****%)**)**TT% H R @@% ? LhP $!h"  TU 5 @@ 9LhVisiting Associate Professor at Berkeley, California 1982< *); *%%%/*%! *%8%)%&(7%*)%****TT6 U Z @@6 LhP % % TT  @@ LhP *    '% Ld  !??% (     % TTO sr @@O_ LahP %   '% Lds  s 3`!??% (      '% Ld]s  ]s -`!??% (      '% Ld  L!??% (      '% Lds \ s D`!??% (    % Tpr D @@ LhXAwards:B/ 3.TTEr s @@E LhP /   '% Lds  s 3`!??% (      '% Lds  s -`!??% (      '% Ld  { L!??% (      '% Lds  s  `!??% (    % TTt  @@ LhP * % TTO s}@@OjLahP % Tc@@ciLah Winner of the best working paper competition sponsored by the ECGI for the paper entitled  Ownership, EvoO))%*)%*% ;*)))*&*%%*?*%*) **) *%**()%37<*)%*%*%%)&*=;)%!)*3)*T@@ L&" WMFC l&lahdlution and )*)&)* Tc=@@c*6LahRegulation , joint with Colin Mayer and Stefano Rossi.7%*)%+)*);)7*)J&(%%)*.&%)*7* TT=@@*LahP & TTc@@@cLahP % Tc@@ctLah4Winner of the Clinical Paper Competition sponsored by the Journal of Financial Economics and the ECGI for the paper O))%*)%7)%%/%*%7+?*%+) **) *%*+()%!*))%*.)%)%&3%*)+?% %)*)%47<*)%*%*% Tc" \@@cIILahentitled  Ownership, Evolution and Regulation , joint with Colin Mayer an%)%*=;*% **3)*)+)%)*7&*)%***);)7*)J&)%%)T# C \@@# ILahld Stefano Rossi.*.&%)*7* !TTD h \@@D ILahP % TTc_@@cLahP % Tc@@c pLah,Winner of Best Paper Prize (2006) awarded by the Journal of Financial Intermediation, for the paper entitled  , O))%*8% /%*%/%%)***%:%*%**()%!*))%*.)%)&%)%@%*%*)*)%*%*%%)%*T-@@  Lah`Financial .)%)&% T$c\|@@ci$LahInnovations and Corporate Insolvency))*)&** %)*7***%%) *)%)&)T] |@@]i!Lah , 2005, joint with Oren Sussman.*****);)<&)/) !@&)TT  |@@ iLahP & TTc~@@cLahP % T\c;@@c(-LahWinner of Best Paper Prize (2001) awarded by O))%*8% /%*%/%%)***%:%*%**(To;@@(ELahthe Journal of Financial Intermediation, for the paper entitled  Who )%!*))%*.)%)&%)%@%*%*)*)%*%*%%)%*O)* Tc>@@cgLahdisciplines management of poorly performing companies , 2001, joint with Colin Mayer and Luc Renneboog.* %*)% @&)%)&@&)**+*(*%*@*)%+?*&)%!*****):)7*)J&(%&)*3)%7&))%***)TT>@@LahP & TTc@@cLahP % T8bu [@@cHRLahNominated for the Best Research Paper Prize in 2005 by the Review of Finance (top <+?)%%**)%8% 7& %&%)/%*%/%%)**)**()&7%)&;+.)%)%%**THv [@@v H*Lah3 nominations) for their paper  Financial *)*@)%** *)%*%*%.*%)%% Tc^D@@c`Lah distress and bank restructuring of small to medium size UK companies , joint with Oren Sussman. * % &)**%))% )%)***!?%*?%**@ %%<<&*?*&)%!*);)<%)/* !@%)TTE^j@@ELahP & TTcw@@cLahP TTx@@xLahP % TcG z@@cg9LahAward for "Best Teacher", Senior Executive Program, 1989.<;%**#8% 4%%%)%#.$)*3)%%))%/*)&?***)TTH l z@@H gLahP % TTc}@@cLahP %&" WMFC ll TTc:@@c'LahP %   '% Ld<<3`!??% (      '% Ld]<]<-`!??% (      '% LdK!??% (      '% Ld<\<D`!??% (    % T; @@ LhdConsultancy<33.3.3/-TT ;:@@ LhP /   '% Ld<<3`!??% (      '% Ld<<-`!??% (      '% Ld{ K!??% (      '% Ld<< `!??% (    % TT=@@LhP * % TTcE@@c2LahP % TTcT@@cLahPP/T`T@@LahTast% TTA@@Lah advisor to Ofcom (previously O%*) **=%+@*%)+) )=TlBT@@BLahXftel)&TTT@@LahP.TXT@@LahP TxT @@Lah\Advisor;** *TT!T9@@!LahP TT:TP@@:LahPtTTQTz@@QLahPo*T{TQ @@{Lah Scottish Water Authority, m.%* )O%%<))*(@T0R T@@R &Lahember of an appeals panel for the New &?*%*%*%**%% *%)&*)&=&;!ah"  Tc@@c oLah,Zealand Commerce Commission. Various work completed, for example, for Department of Constitutional Affairs, HM 2%%&)* 7+@@%%%!7+@@ !*) <%*) ":*) %+?*%%+ * %)&?+% * <%*%?&* * 7+) )*)%!<%  =J!ah"  Tc-E @@cwBLahTreasury, DTI, Monopolies and Mergers Commission, National Audit O4%% )(#<4#J*)***% #%)*#J%)% #7+A@! *)#<&*)%$<)*#<T`F -@@F w.Lahffice, Office of Fair Trading, European Asset %%#=%%#+#.%#4%*))#3)**%%)$;! %!ah"  Tc@@caLahManagement Association and Gas Utility companies. Expert witness for HMG at The Hague on an interJ%)%)&@&)!;! *%%*) &)* <% <( %+?*&)&  3)*%!:)%! * <J< % 4)%<%*)% *) %) *%TT@@LahP-T@@ Lahhgovernmental )*)%*@&)&!ah"  Tcc@@cPcLahdispute. Expert witness for Ofcom at an appeal to the CAT, Member of international advisory board f* *)%3)*%:)& *<%*?%&)%**%%*)%7;4J&?*%*)%)&*)%%*)!*(**%*Tc@@PLahxor Stern Stewart and *.%).&:%&))!ah"  T`cr@@cLahTnon)**TTr@@LahP-Tr@@Lahexecutive director of OXERA.%)%&))%*%%**<<38;TTr@@LahP &!ah" L&WMFCll TTOs/@@OLahP %% 6h6ah6a66g6`g6`66f6_f6_66e6^e6^66d6]d6]66c6\c6\66b6[b6[66a6Za6Z66`6Y`6Y6 6 _6X_6X 6  6 ^6W^6W 6  6 ]6V]6V 6  6 \6U\6U 6  6 [6T[6T 6 6Z6SZ6S66Y6RY6R66X6QX6Q66W6PW6P66V6OV6O6  H."System-@Times New Roman-  2 5( O#2 E(38 Wildwood Road    2 E O2 U(London 2 UW 2 U^NW11 6UY  2 U O2 e(Phone: Y 2 eS O 2 eV020 8209 1924  2 e O2 v( Work: 020 2 vo7000 2 v O2 v82612 v  2 v O2 (Email: Y  2 Q O 2 U O@Times New Roman-- &2 Xjfranks@london.edu - @ !sX-  2  O 2 ( O 2 ( O 2 ( O 2 ( O@Times New Roman-"2 SHJulian R Franks   2 H O- 2 dH O 2 -dH O - @ ! 1'-  - @ !1-  - @ ! A'- @"Arial- - @ !10- )2 >0'Personal Information     2 >' O 2 [0' O@Times New Roman-#2 = Nationality:  2 =I  O2 =M English  2 ={  O72 N Marital status: Married with   2 N fou 2 N rO2 N   children 2 N  O 2 ^  O - @ ! k'-  - @ !k-  - @ ! {'-  - @ !k0- -2 x0 'Education  2 xt' O 2 0' O-d2 x; B.A. Econ. Triple Honours Degree Sheffield University, 1965        2 xW -O2 x[ 68 2 xj  O, 'a2 9 MBA Columbia University Graduate School of Business, 19686       2 ] -O2 a 69 2 o  O, '-52  PhD. London University, 1979  - 2   O - @ ! '-  - @ !-  - @ ! '-  - @ !0- -12 0'Present Academic Position9       2 ' O - @ ! '-  - @ !-  - @ !'-  - @ !0-  2 0' O-&2  Professor of Finan#2 c ce at the London 2    Business Schd 2  oolC2 (%  and Academic Director of the Centre     , '2 S for Corporate Governance and lead investigator for a 1.4 million pounds grant for       , '+2  corporate governance. 2 u  O, '- 2   O - @ !(-  - @ ! '-  - @ !-  - @ ! '-  - @ !0- -,2 0'Past Academic Position       2 'sO 2 ' O - @ ! '-  - @ !-  - @ !#'- @Times New Roman- - @ !0-  2 0' O-\2 6 Member of faculty at London Business School since 1972    2 @  O, '42  Visiting Professor at UCLA  2  199 2  5O 2  -O2  6, 1993  2  -O2  4, 1986  2  -O2  7  2 #  O, 'Y2 4 Visiting Scholar at UCLA for Summer of 1990 and 1991     2 :  O, 'a2 #9 Visiting Associate Professor at Berkeley, California 1982     2 #=  O- 2 4  O - @ !(- - 2 DdH O - @ ! G'-  - @ !G-  - @ ! W'-  - @ !G0- -2 T0'Awards   2 Tb' O - @ ! G-  - @ !G-  - @ ! W-  - @ ! G- - 2 T  O- 2 qdH O2 <iHWinner of the best working paper competition sponsored by the ECGI for the paper entitled Ownership, Evo     2  Hlution and \2 <6HRegulation, joint with Colin Mayer and Stefano Rossi.      2 tH O 2 <H O2 <tHWinner of the Clinical Paper Competition sponsored by the Journal of Financial Economics and the ECGI for the paper      y2 <IHentitled Ownership, Evolution and Regulation, joint with Colin Mayer an     #2 Hd Stefano Rossi.  2 ?H O 2 <H O2 <pHWinner of Best Paper Prize (2006) awarded by the Journal of Financial Intermediation, for the paper entitled ,    2  HFinancial A2 <$HInnovations and Corporate Insolvency =2 !H, 2005, joint with Oren Sussman.n    2 H O 2 <H OO2 <-HWinner of Best Paper Prize (2001) awarded by   s2 HEHthe Journal of Financial Intermediation, for the paper entitled Who   2 $<gHdisciplines management of poorly performing companies, 2001, joint with Colin Mayer and Luc Renneboog.          2 $H O 2 4<H O2 D<RHNominated for the Best Research Paper Prize in 2005 by the Review of Finance (top      J2 D*H3 nominations) for their paper Financial  2 T<`Hdistress and bank restructuring of small to medium size UK companies, joint with Oren Sussman.          2 TkH O 2 e<H O 2 e@H Oa2 u<9HAward for "Best Teacher", Senior Executive Program, 1989.     2 uH O 2 <H O 2 <H O - @ ! '-  - @ !-  - @ ! '-  - @ !0- -2 0 'Consultancy    2 ' O - @ ! -  - @ !-  - @ ! -  - @ ! - - 2   O- 2 <H O 2 <HPO2 DHast:2 TH advisor to Ofcom (previously O   2 Hftel)s 2 'H.O2 *H 2 3HAdvisor  2 `H O 2 eHtO 2 iHoO52 pH Scottish Water Authority, m   D2 &Hember of an appeals panel for the New    ,H'2 <oHZealand Commerce Commission. Various work completed, for example, for Department of Constitutional Affairs, HM              ,H'n2 <BHTreasury, DTI, Monopolies and Mergers Commission, National Audit O         P2 .Hffice, Office of Fair Trading, European Asset    ,H'2 <aHManagement Association and Gas Utility companies. Expert witness for HMG at The Hague on an intere           2 H-O2  Hgovernmental  ,H'2 <cHdispute. Expert witness for Ofcom at an appeal to the CAT, Member of international advisory board fo       +2 Hor Stern Stewart and  ,H'2 1<Hnon 2 1QH-O52 1VHexecutive director of OXERA.   2 1H O,H' 2 AdH O-HHHHHHHHHHGGGGGGGGGGGGFFFFFFFFFFFFEEEE՜.+,D՜.+,\ hp|  $(N' ResumeQJ. R. Franks and G. Loranth Title Headings 8@ _PID_HLINKSAlf@mailto:jfranks@london.edu   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^`abcdefkRoot Entry F@gmData x1TableWordDocument0SummaryInformation( DocumentSummaryInformation8_CompObjq  FMicrosoft Office Word Document MSWordDocWord.Document.89q